JVA rail: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
JVA rail
Largest movements
- Tangible fixed assets -€111,539
down €111,539 (-27.4%), from €407,599 to €296,060
of which Leasing and similar rights: -€92,053
- Cash +€19,186
up €19,186 (+37.4%), from €51,313 to €70,499
mainly Depreciation (+€139,150) and Net result for the year (+€97,917)
- Receivables within one year -€17,616
down €17,616 (-53.3%), from €33,063 to €15,446
of which Trade receivables: -€13,201
- Deferred charges and accrued income +€11,824
up €11,824 (+651%), from €1,815 to €13,639
- Current portion of long-term debt -€95,573
down €95,573 (-58.3%), from €163,899 to €68,326
- Other debts +€80,512
up €80,512 (+230%), from €35,013 to €115,525
- Debts after one year -€68,326
down €68,326 (-22.6%), from €302,251 to €233,925
- Profit (loss) carried forward -€19,730
down €19,730 (-8.6%), from €229,161 to €209,431
- Gross operating margin +€7,174
up €7,174 (+2.6%), from €273,356 to €280,529
- Financial charges -€5,154
down €5,154 (-32.8%), from €15,720 to €10,567
- Taxes +€2,963
up €2,963 (+10.4%), from €28,591 to €31,554
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €778,557 | €680,410 | -€98,146 | -12.6% |
| Fixed assets | 21/28 | €692,366 | €580,826 | -€111,539 | -16.1% |
| Tangible fixed assets | 22/27 | €407,599 | €296,060 | -€111,539 | -27.4% |
| Land and buildings | 22 | €110,000 | €110,000 | = | 0.0% |
| Plant, machinery and equipment | 23 | €6,143 | €9,050 | +€2,907 | +47.3% |
| Furniture and vehicles | 24 | €164,347 | €141,954 | -€22,393 | -13.6% |
| Leasing and similar rights | 25 | €127,109 | €35,056 | -€92,053 | -72.4% |
| Financial fixed assets | 28 | €284,766 | €284,766 | = | 0.0% |
| Current assets | 29/58 | €86,191 | €99,584 | +€13,393 | +15.5% |
| Amounts receivable within one year | 40/41 | €33,063 | €15,446 | -€17,616 | -53.3% |
| Trade receivables | 40 | €28,201 | €15,000 | -€13,201 | -46.8% |
| Other amounts receivable | 41 | €4,862 | €446 | -€4,415 | -90.8% |
| Cash at bank and in hand | 54/58 | €51,313 | €70,499 | +€19,186 | +37.4% |
| Deferred charges and accrued income | 490/1 | €1,815 | €13,639 | +€11,824 | +651% |
| Total equity and liabilities | 10/49 | €778,557 | €680,410 | -€98,146 | -12.6% |
| Equity | 10/15 | €249,621 | €229,891 | -€19,730 | -7.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €229,161 | €209,431 | -€19,730 | -8.6% |
| Amounts payable | 17/49 | €528,935 | €450,519 | -€78,416 | -14.8% |
| Amounts payable after more than one year | 17 | €302,251 | €233,925 | -€68,326 | -22.6% |
| Financial debts | 170/4 | €302,251 | €233,925 | -€68,326 | -22.6% |
| Amounts payable within one year | 42/48 | €226,000 | €216,594 | -€9,406 | -4.2% |
| Current portion of amounts payable after more than one year | 42 | €163,899 | €68,326 | -€95,573 | -58.3% |
| Trade debts | 44 | €5,658 | €6,543 | +€886 | +15.7% |
| Suppliers | 440/4 | €5,658 | €6,543 | +€886 | +15.7% |
| Taxes, remuneration and social security | 45 | €21,431 | €26,200 | +€4,769 | +22.3% |
| Taxes | 450/3 | €21,431 | €23,159 | +€1,728 | +8.1% |
| Remuneration and social security | 454/9 | - | €3,041 | +€3,041 | |
| Other amounts payable | 47/48 | €35,013 | €115,525 | +€80,512 | +230% |
| Accrued charges and deferred income | 492/3 | €684 | - | -€684 | |
| Non-recurring operating income | 76A | €14,485 | €6,789 | -€7,697 | -53.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €137,640 | €139,150 | +€1,510 | +1.1% |
| Other operating charges | 640/8 | €1,448 | €1,342 | -€106 | -7.3% |
| Gross operating margin | 9900 | €273,356 | €280,529 | +€7,174 | +2.6% |
| Operating profit (loss) | 9901 | €134,268 | €140,037 | +€5,770 | +4.3% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €15,720 | €10,567 | -€5,154 | -32.8% |
| Recurring financial charges | 65 | €15,720 | €10,567 | -€5,154 | -32.8% |
| Profit (loss) for the period before taxes | 9903 | €118,547 | €129,471 | +€10,923 | +9.2% |
| Income taxes | 67/77 | €28,591 | €31,554 | +€2,963 | +10.4% |
| Profit (loss) for the period | 9904 | €89,956 | €97,917 | +€7,961 | +8.8% |
| Profit (loss) for the period to be appropriated | 9905 | €89,956 | €97,917 | +€7,961 | +8.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.